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Worried about potential recession and layoffs...
Rising Star
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Hey guys! So I’m starting to get interest in joining the FAAS sector within EY. My recruiter is asking me which part I would like to join, Finance or core/commercial. Does anyone have any insight on which might be better for growth, hours, work life balance etc? Would love to hear your thoughts EY
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Just concerned with what the chances are of getting laid off if the company is having layoffs or if the economy is doing bad. I am in Tax in NY btw. I know it’s a secure & safe job, I’m still wondering though. Thanks!
I have heard the firm does everything in its power to avoid layoffs and during the last recession they didn’t lay anyone off except for performance reasons. But I was at PwC at that time so this is just hearsay
PwC did not lay off, which is probably why we have an abundance of directors now.
When the economy is in the shitter, I would say it’s advisory that does the bulk of layoffs. Most compliance related activity remains so those jobs are a bit more secure, but raises will still be negligible for those groups.
Depends on the contract period of performance and whether or not it’s an existing client (renewable). Advisory, IMO, has more significant exposure to layoffs
They did not have layoffs, but they did decrease hiring.
I was at pwc last year and they ‘retired’ 70+ partners last year. Just heard of a couple more this year in my old office (and they’re far too young to retire). If the financials don’t work you either don’t hire or you have to fire.
The days if Bob Moritz and keeping talent as in 2008 when everyone else was firing are gone. My peers at big four back then got bonuses whereas at pwc I got no raise or bonus but was told to be happy I had a job. We (pwc back then) carried a lot of under performers ... good ones typically got good new jobs ... if they decided to leave .
As top performer in Assurance 2009 no pay increase bonus dropped from 23% of base to 13%, 2010 a 3% pay increase and bonus was flat. 2011 pay increases finally came back to 6%.
Certain practices can be susceptible to lay-offs based on practice/firm performance. Partners usually look at lay-offs to protect margins and hit FY targets.
I heard Deloitte didn’t layoff much ppl during the 08 down turn other than hiring freeze or volunteering to be let go... can anyone confirm that?